Slovakia's budget posted a deficit of EUR 1.92bn at the end of August 2013, by 28.4% lower than the EUR 2.68bn shortfall recorded at the same time last year, data from the finance ministry showed. The shortfall is equal to 2.6% of the projected full-year GDP, according to IntelliNews calculations. The gap at the end of the eighth month of the year accounts for 62.1% of the full-year target.
Budget revenue fell 1.8% y/y to EUR 6.97bn at the end of last month, as a 2.3% growth in tax revenue, which is the main source of income to the state, and a 3.6% rise in non-tax revenue were offset by a 27.2% drop in receipts of EU funds. Budget expenditure fell faster, by 9.1% y/y to EUR 8.89bn.
The Slovak government targets an end-2013 budget deficit of EUR 3.1bn, based on revenue of EUR 13.9bn and expenditure of EUR 17bn. The budget gap is projected to shrink to below EU's 3% ceiling.
| thousands EUR | 31-Aug-13 | 31-Aug-12 | end-2013 target | y/y change | % of target |
| REVENUE | 6,973,886 | 7,104,790 | 13,916,196 | -1.8% | 50.1% |
| -- tax revenue | 5,701,707 | 5,575,419 | 8,912,036 | 2.3% | 64.0% |
| -- non-tax revenue | 503,967 | 486,476 | 984,666 | 3.6% | 51.2% |
| -- grants and transfers | 768,212 | 1,042,895 | 4,019,494 | -26.3% | 19.1% |
| ---- receipts from EU budget | 747,045 | 1,026,858 | 3,563,657 | -27.2% | 21.0% |
| EXPENDITURE | 8,890,495 | 9,780,252 | 17,001,505 | -9.1% | 52.3% |
| -- current expenditure | 8,088,407 | 8,766,390 | 14,055,212 | -7.7% | 57.5% |
| -- capital expenditure | 802,088 | 1,013,862 | 2,946,293 | -20.9% | 27.2% |
| BALANCE | -1,916,609 | -2,675,462 | -3,085,309 | -28.4% | 62.1% |
| Source: Ministry of Finance of the Slovak Republic | |||||
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